99TH GENERAL ASSEMBLY
State of Illinois
2015 and 2016
SB1587
 
Introduced 2/20/2015, by Sen. Mattie Hunter
 
SYNOPSIS AS INTRODUCED:
 

 
40 ILCS 5/17-128.1 new

     Amends the Chicago Teacher Article of the Illinois Pension Code. Provides that the Chicago Board of Education shall levy a property tax annually at a rate that will produce an amount equal to the amount of member contributions to the Fund during the fiscal year 2 years prior to the year for which the tax is levied, subject to a maximum rate of .26%. Provides that the Board of Education shall use the proceeds  of the tax for the purpose of making employer contributions to the Chicago Teachers' Pension Fund. Effective immediately. 
  


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FISCAL NOTE ACT MAY APPLY
HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY
PENSION IMPACT NOTE ACT MAY APPLY
 
 
A BILL FOR
 

  
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1    AN ACT in relation to public employee benefits.
  
 
2    Be it enacted by the People of the State of Illinois,
 
3represented in the General Assembly:
  
 
 
4    Section 5. The Illinois Pension Code is amended  by adding 
5Section 17-128.1 as follows:
 
6    (40 ILCS 5/17-128.1 new)
7    Sec. 17-128.1. Tax Levy. Contribution from taxes. The Board 
8of Education shall levy a tax annually at a rate on the dollar 
9of the value, as equalized or assessed by the Department of 
10Revenue, of all taxable property in the City, which, when 
11extended, will produce the following sums: for the fiscal and 
12school year 2016 and each subsequent year, an amount equal to 
13the amount of member contributions during the fiscal and school 
14year 2 years prior to the year for which the annual applicable 
15tax is levied; provided, however that the tax shall be levied 
16at a rate not to exceed .26% upon the equalized assessed value 
17of all taxable property in the City, based on the Board of 
18Education's estimate of that value for the year for which the 
19tax is levied.
20    As used in this Section, "member contributions" means and 
21includes all contributions paid into the Fund by members or 
22made on behalf of members by the Board of Education for service 
23retirement and disability retirement pensions, for survivors' 
 
 
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1and children's pensions, and for automatic annual increases in 
2pensions; provided, however, that any member contributions 
3that are made by the Board of Education on behalf of its 
4employees shall be treated as member contributions for purposes 
5of this Section for the fiscal year for which the Board of 
6Education incurred the obligation to make such contributions.
7    Proceeds of this tax shall be used by the Board of 
8Education for the purpose of making employer contributions to 
9the Fund under Section 17-129.  This tax shall be known as the 
10Public School Teachers' Pension and Retirement Fund and Pension 
11Contribution Tax.
 
 
12    Section 99. Effective date. This Act takes effect upon 
13becoming law.